Quarterly ResultMay 13, 2026, 05:01 PM
Worksport Q1 Revenue +48% to $3.3M; Gross Profit +116%
AI Summary
Worksport Ltd. reported strong financial results for the first quarter ended March 31, 2026, with net sales increasing 47.9% year-over-year to $3.3 million and gross profit surging 115.5% to $854,000. The gross margin also improved significantly to 26%. The company focused on investment and launch-readiness during Q1, expanding product availability and strengthening sales channels for its SOLIS, COR, and NEXUS products. Worksport aims to convert inventory into revenue, improve gross margin, and achieve operational cash-flow positive operations within 2026, while its Terravis Energy subsidiary continues to advance its AetherLux heat pump platform.
Key Highlights
- Net sales increased 47.9% year-over-year to $3.31 million in Q1 2026.
- Gross profit rose 115.5% year-over-year to $853,946 in Q1 2026.
- Gross margin improved to 26% in Q1 2026, up from 18% in Q1 2025.
- U.S. net sales accounted for approximately 99% of total Q1 revenue.
- Hard tonneau covers generated approximately 99% of total Q1 net sales.
- Inventory increased to $11.6 million, reflecting product readiness.
- Worksport targets operational cash-flow positive operations within 2026.
- Terravis Energy's AetherLux platform is progressing, but no 2026 revenue is projected.
Price Impact
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